Archive for the ‘Borrowing’ Category
Posted on April 6, 2012 - by admin
Economic Realities Set In
When the going gets tough, the tough get a payday loan. There are times when money is not flowing through the family bank. You have put the hours in, at your job, but the money is not yet in the bank account. It is the standard payment schedule used by most employers. You work first, then they hold your pay for a short time before sending it over to you. It is no big deal, until an unexpected bill or other expense starts to slow you down. If you need some quick cash, there are people to consult, including family members and other private parties.
If you have an asset, like a home or car, you might be able to go to the bank and get a loan with no problem at all. If you’d rather borrow for the short term, without a great deal of effort, a payday loan provides a good option because it is easy and both parties are cozy. I mean. What does the lender have to worry about? They know you are getting a paycheck soon, so there is no reason to sweat the details. You get the money you need today, and they get paid back in a short time. The interest you add to your payment is plenty for them.
Posted on April 1, 2010 - by admin
Whether or Not to Borrow
Debt can be used for many purchases and borrowing is not a bad idea is used correctly. There are some purchases that are worth paying for over time and some that are not. By using debt to buy something, you are actually paying for the privilege of paying back that amount over time and that is where the interest comes in.
An interest charge can add up over time and depending whether or not you pay just the minimum amount each month, it could cost you a lot more than you think. As an example, it you bought a television for one thousand dollars and you used your credit card with a eighteen percent interest charge to pay for it. If you just the minimum of ten dollars on it each month, it would take you ten years to pay it off and the interest you will have paid over those years would total almost eight hundred dollars. That is like paying for two televisions.
A home purchase is a different story. A home will increase in value over time where a television would not. If you plan on staying in your home for more than five years, it’s value will either stay the same or go up in value. But this depends on many factors and should be looked into before you buy. The condition and the location of the home are two areas to research.
